of Take me to the text Higgins Ski Resort spent several years developing a new snow-making machine. Its lawyer suggested patenting the machine. The company obtained the patent on January 1, 2021. The company paid $190,000 to the lawyer, $15,000 to the government for the patent and $10,000 in additional fees. Required a) Prepare the journal entry to record the full cost of the patent. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Jan 1 Debit Credit To record the total relevant patent fees b) The patent has an estimated life of 20 years. Prepare the journal entry to record amortization for one year on December 31, 2021. Round your answers to the nearest whole number. Date Account Title and Explanation Dec 31 Check To record amortization for the year Debit Credit
of Take me to the text Higgins Ski Resort spent several years developing a new snow-making machine. Its lawyer suggested patenting the machine. The company obtained the patent on January 1, 2021. The company paid $190,000 to the lawyer, $15,000 to the government for the patent and $10,000 in additional fees. Required a) Prepare the journal entry to record the full cost of the patent. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Jan 1 Debit Credit To record the total relevant patent fees b) The patent has an estimated life of 20 years. Prepare the journal entry to record amortization for one year on December 31, 2021. Round your answers to the nearest whole number. Date Account Title and Explanation Dec 31 Check To record amortization for the year Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:of
Take me to the text
Higgins Ski Resort spent several years developing a new snow-making machine. Its lawyer suggested patenting the machine. The company obtained the
patent on January 1, 2021. The company paid $190,000 to the lawyer, $15,000 to the government for the patent and $10,000 in additional fees.
Required
a) Prepare the journal entry to record the full cost of the patent.
Do not enter dollar signs or commas in the input boxes.
Date
Account Title and Explanation
Jan 1
Debit
Credit
To record the total relevant patent fees
b) The patent has an estimated life of 20 years. Prepare the journal entry to record amortization for one year on December 31, 2021.
Round your answers to the nearest whole number.
Date
Account Title and Explanation
Dec 31
Check
To record amortization for the year
Debit
Credit
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